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You've got a big decision to make. You need to take out a mortgage. Whether it's to help finance that big new investment, pay off old loans, or to help you afford your first home, whatever the reason, taking out a mortgage on your house can be a nightmare. Taxes, interest rates, loan size... there are so many things to consider! Taking out a mortgage doesn't have to be a frustrating and painful experience. We can help. MortgageRecipe.com provides a great tool designed to help you calculate your mortgage quickly and efficiently so you can make an informed decision. It's easy. Just plug in the price of your home, the down payment you're making, your interest rate, your mortgage rate and our mortgage calculator will do the math for you. USEFUL ARTICLES FOR HOMEOWNERS
THE LATEST MORTGAGE NEWS 11/04/2008 11:00 PM The number of Americans seeking a mortgage to purchase a home or refinance an existing loan fell more than 20% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA). 11/04/2008 11:00 PM With change on the horizon after last night's election, it's only natural to wonder what "change" will come to the mortgage market as a result. Furthermore, what change to mortgage interest rates have U.S. elections stirred up in the past? We always hear rumblings about mortgage interest rates dropping after an election, but is there any truth to it? Should you refinance now, or wait it out a couple months for rates to drop? In order to find out, some number crunching is in order. 10/30/2008 11:00 PM If your home is on the market during the winter season, potential home buyers will have your home’s energy efficiency at the top of their mind. Here’re a few tips to make your home more attractive to conservation-minded buyers. 10/28/2008 11:00 PM Breaking financial news: The Federal Open Market Committee (FOMC) announced today that it has dropped its Fed Funds rate to 1 percent--near the lowest it's been in U.S. history. Will it impact mortgage rates? 10/26/2008 11:00 PM The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in September rose 2.7 percent compared to August’s numbers. 10/23/2008 11:00 PM The National Association of Realtors announced today that existing home sales in September increased 5.5 percent as compared to August 2008. 10/23/2008 11:00 PM Is Hope for Homeowners really a ray of hope or just another loan program that doesn't make sense for anyone? 10/21/2008 11:00 PM The number of Americans seeking a home mortgage to purchase a home or refinance an existing loan decreased 16.6% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA). 10/19/2008 11:00 PM What’s so great about Reverse Mortgages? Senior homeowners want to know… and quite frankly, so do their kids. Right now, reverse mortgages are gaining popularity among senior homeowners. But why? Could it be because of the FHA's announcement of new loan limits? 10/16/2008 11:00 PM The number of new residential construction starts fell 12 percent in September, according to a monthly report issued jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. WHAT IS A MORTGAGE?
General Definition Questions...What's a refinance loan? What's an interest rate? What does "prime rate" mean? What does "zero down" mean? What's a "home refinance" loan? What does "debt management" mean? What's a "home equity" loan? What's a "home purchase" loan? What's a "debt consolidation" loan? What's a "reverse mortgage"? What does "refinancing" mean? HOME Questions... Where do I start with looking for homes? What's better to start with? A condo or a house? What are the basic steps to selling my house? What are the basic steps to buying a home? How is debt from buying a house different from debt from a credit card? DOWN PAYMENT Questions... Is the down payment included in the price of the home? What is the down payment usually? INTEREST RATE Questions... What's does it mean when someone says the interest rate is "fixed"? What does it mean when someone says the interest rate is "variable"? Who determines the interest rate? What does it mean when the mortgage rate is "adjustable"? Is it generally true that the quicker the mortgage, the lower the interest rate will be? MORTGAGE TERM Questions... What are the different types of mortgage terms available? Are there specific mortgage terms, or can someone do a 16.5-year term for instance? What are the pros and cons of a big mortgage term? If I haven't completed my mortgage term but want to move, can I still sell the house? PAYMENT Questions... Can I do mortgage payments in a different paying plan other than monthly? What happens if I don't pay my mortgage? MISCELLANEOUS MORTGAGE Questions... Does real estate always go up? Can I get a mortgage from a lender other than a bank? How is real estate different from other "investments"? How do mortgages differ countrywide, like a California mortgage vs. one from Florida? Can I set up a mortgage online? It seems like real estate is a sure-fire investment, but is there a risk of losing money? What are the "additional costs" really? Would a personal, specific mortgage quote be free of any fees? If I have relatively bad credit, is there any way I can still receive a mortgage? Are there strategies I could apply to snag that great mortgage lead I'd been waiting for? Is there a major difference to dealing with a mortgage broker versus a loan provider? Any issues to be aware of with a second or third mortgage, compared with a first one? What is the most trusted mortgage company? | |||||||||||||||||||||||||
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